Strategy
Emerging Markets Bond
The Emerging Markets Bond Composite seeks current income and capital appreciation primarily through investment in fixed income securities issued by emerging nations. The strategy may invest in low rated bonds, including those in default, when market conditions warrant. Absolute weightings in the Emerging Markets Bond Composite will generally be higher in the larger markets of Brazil, Mexico, and Russia than absolute weightings in the Emerging Markets Diversified Bond Composite.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
4.51%
2.36%
Data as of 31-Dec-2019
Data as of 31-Dec-2019
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
11.85%
0.20
Data as of 31-Dec-2019
Data as of 31-Dec-2019
Inception Date 31-Dec-1995
Performance figures calculated in USD
Other Literature
- This product's strategy also available as
- a SICAV
Strategy
Investment Approach
- Focus primarily on sovereign debt, with smaller strategic allocations to corporate and local currency debt.
- Integrate proprietary credit research and relative value analysis.
- Establish independent credit rating at the country and corporate issuer level.
- Add value through active country allocation and individual security selection decisions.
- Limit risk through diversification.
- Employ long-term investment horizon.
Portfolio Construction
- Diversified portfolio structure: typically400-500 issuers
- Duration bands: managed within +/- 1 year of the benchmark
- Average credit quality: BB
- Country exposure will range between 0% and a max of 10% over the benchmark
- Expected tracking error should range between 200-400 bps
Performance
Emerging Markets Bond Composite
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 12.40% | 5.04% | 6.36% | 6.72% |
| Composite Net % | 11.85% | 4.51% | 5.83% | 6.19% |
| Benchmark % | 14.42% | 6.06% | 5.88% | 6.57% |
| Excess Return (Gross) % | -2.02% | -1.02% | 0.48% | 0.15% |
Recent Performance
| 3 MonthsData as of 31-Dec-2019 | Year to DateData as of 31-Dec-2019 | |
|---|---|---|
| Composite Gross % | 3.05% | 12.40% |
| Composite Net % | 2.92% | 11.85% |
| Benchmark % | 2.09% | 14.42% |
| Excess Return (Gross) % | 0.96% | -2.02% |
Returns for time periods greater than one year are annualised.
Past performance is not a reliable indicator of future performance.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
J.P. Morgan Emerging Markets Bond Index Global %
Holdings
Holdings
Total
Holdings
435
Largest Holding
Petrobras Global Finance BV
3.29%
Was
(30-Sep-2019) 3.44%
Top 10 Holdings 22.20%
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | BB | A |
| By % | 10.51% | -16.89% |
| Portfolio | 21.28% | 5.86% |
| Benchmark | 10.78% | 22.75% |
Average Credit Quality
BB-Maturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 5-7 Years | 10+ Years |
| By % | 5.35% | -6.61% |
| Portfolio | 18.57% | 31.58% |
| Benchmark | 13.22% | 38.19% |
Weighted Average Maturity
11.83 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | 5-7 Years | 1-3 Years |
| By % | 10.06% | -7.56% |
| Portfolio | 31.47% | 7.38% |
| Benchmark | 21.40% | 14.94% |
Weighted Average Duration
7.73 YearsRegions
Total
Regions
5
Largest Region
Latin America
44.30%
Was (30-Sep-2019)
44.77%
Other
View complete Region Diversification
Largest Overweight
Latin America
By12.99%
Portfolio
44.30%
Benchmark
31.30%
Largest Underweight
Middle East & Africa
By-9.28%
Portfolio
18.59%
Benchmark
27.87%
Countries
Total
Countries
64
Largest Country
Mexico
12.42%
Was (30-Sep-2019)
12.64%
Other
View complete Country Diversification
Largest Overweight
Brazil
By8.91%
Portfolio
12.15%
Benchmark
3.24%
Largest Underweight
Saudi Arabia
By-5.52%
Portfolio
0.97%
Benchmark
6.49%
Currency
Total
Currencies
20
Largest Currency
U.S. dollar
98.40%
Was (30-Sep-2019)
99.83%
Other
View complete Currency Diversification
Largest Overweight
Brazilian real
By
0.50%
Portfolio
0.50%
Benchmark
0.00%
Largest Underweight
U.S. dollar
By
-1.60%
Portfolio
98.40%
Benchmark
100.00%
Team (As of 09-Mar-2020)
Michael Conelius is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Conelius is lead manager of T. Rowe Price's Emerging Markets Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.
Mr. Conelius has 31 years of investment experience, all of them at T. Rowe Price. Prior to joining the firm in 1988, he was a consultant for Booz Allen Hamilton.
Mr. Conelius earned a B.S. in finance from Towson University and an M.S. in finance from Loyola University Maryland. Mr. Conelius has also earned the Chartered Financial Analyst designation.
- Portfolio manager1994
since - Years at31
T. Rowe Price - Years investment31
experience
Andrew Keirle is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment Team. Mr. Keirle is the lead portfolio manager for the Emerging Markets Local Currency Bond Strategy and has important input on a number of emerging markets bond strategies and global fixed income strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Keirle has 23 years of investment experience, 14 of which have been with T. Rowe Price. Prior to joining the firm in 2005, he was a portfolio manager and analyst at Lazard Asset Management. Prior to joining Lazard, Mr. Keirle spent seven years as a global portfolio manager at Gulf International Bank in London.
Mr. Keirle is a qualified member of the Institute of Investment Management and Research, and he also holds a diploma from the Society of Technical Analysts. He graduated with a B.Sc. in economics and politics from the University of Swansea at the University of Wales.
- Years at14
T. Rowe Price - Years investment23
experience
Samy Muaddi is a portfolio manager in the Fixed Income Division of T. Rowe Price. Mr. Muaddi is the lead manager and executive vice president of the Emerging Markets Corporate Bond Strategy and chairman of the strategy's Investment Advisory Committee. He also manages the Asia Credit Strategy and is co-portfolio manager of the Global High Income Strategy. Mr. Muaddi is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Mr. Muaddi has 13 years of investment experience, all of which have been with T. Rowe Price. He joined the firm in 2006.
Mr. Muaddi earned a B.A., summa cum laude, in economics from the University of Maryland. He also has earned the Chartered Financial Analyst designation. Mr. Muaddi is an adjunct professor at Georgetown University in the Walsh Graduate School of Foreign Service.
- Portfolio manager2013
since - Years at14
T. Rowe Price - Years investment14
experience
Ben Robins is a portfolio specialist in the Fixed Income Division at T. Rowe Price. He supports our emerging market debt strategies, which includes hard currency- and local currency-denominated sovereign and corporate debt, working closely with clients, consultants, and prospects. Mr. Robins is a vice president of T. Rowe Price Associates, Inc.
Mr. Robins has 19 years of investment experience. Prior to joining the firm in 2016, he worked as a senior investment consultant at Cambridge Associates, which included client relationship management and fixed income manager research. Prior to that, Mr. Robins worked in investments at Lehman Brothers.
Mr. Robins earned a B.A. in economics, with honors, from the College of William & Mary and an M.B.A. from the Tuck School of Business at Dartmouth. He also has earned the Chartered Financial Analyst designation.
- Years at3
T. Rowe Price - Years investment19
experience
Portfolio Characteristics
Representative Portfolio vs Benchmarkas of 31-Dec-2019
| Characteristic | Portfolio | Benchmark |
|---|---|---|
| Weighted Average Coupon | 6.28% | 5.49% |
| Weighted Average Maturity | 11.83 Years | 12.21 Years |
| Weighted Average Duration | 7.73 Years | 7.71 Years |
| Number of Holdings | 435 | 780 |
Risks
Risk/Return Characteristics
as of 31-Dec-2019Emerging Markets Bond Composite
| Risk/Return (5 Years) | Composite | Benchmark |
|---|---|---|
| Alpha | -0.25% | 0.00% |
| Beta | 1.16 | 1.00 |
| R-Squared | 0.89 | 1.00 |
| Annualized Std. Deviation | 6.65% | 5.44% |
| Information Ratio | 0.20 | 0.00 |
| Sharpe Ratio | 0.79 | 0.88 |
| Tracking Error | 2.36% | 0.00% |
Past performance is not a reliable indicator of future performance.
Statistics based on monthly gross returns. Returns would have been lower as a result of the deduction of applicable fees.
J.P. Morgan Emerging Markets Bond Index Global %
Calendar Year Performance
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 14.38% | 4.46% | 20.77% | -6.30% | 4.10% | 1.50% | 15.73% | 10.09% | -6.36% | 12.40% | Composite Gross | |
| 13.82% | 3.94% | 20.18% | -6.77% | 3.58% | 0.99% | 15.16% | 9.55% | -6.83% | 11.85% | Composite Net | |
| 12.04% | 8.46% | 18.54% | -6.58% | 5.53% | 1.23% | 10.19% | 9.32% | -4.61% | 14.42% | Benchmark | |
| 1.78% | -4.52% | 1.64% | -0.19% | -1.95% | -0.24% | 4.97% | 0.23% | -2.22% | -2.57% | Value added (Gross) |
- Composite Gross
- Composite Net
- Benchmark
J.P. Morgan Emerging Markets Bond Index Global %
Top 10 Issuers (31-Dec-2019)
| Issuer Name | % of Portfolio | Sector | Industry |
|---|---|---|---|
| Republic of Turkey | 6.35% | N/A | N/A |
| Petroleos Mexicanos | 5.62% | N/A | N/A |
| Petrobras Global Finance BV | 4.85% | N/A | N/A |
| Ukraine | 4.85% | N/A | N/A |
| Republic of Indonesia | 4.75% | N/A | N/A |
| Eskom Holdings SOC | 4.39% | N/A | N/A |
| Argentine Republic | 3.57% | N/A | N/A |
| Federative Republic of Brazil | 3.39% | N/A | N/A |
| Mexico City Airport Trust | 2.44% | N/A | N/A |
| Pertamina Persero PT | 2.26% | N/A | N/A |
Issuers are as of the date indicated and are subject to change.
The total of the values in the second column in the table may not add up to the Top 10% of Total Net Assets quoted in the table due to rounding.
N/A indicates Not Available.
Quality (31-Dec-2019)
Representative Portfolio
vs Benchmark
| Quality Rating | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| US Government Agency Securities | 0.08% | 0.00% | |
| US Treasury | 0.12% | 0.00% | |
| AA | 0.19% | 7.12% | |
| A | 5.86% | 22.75% | |
| BBB | 28.19% | 34.64% | |
| BB | 21.28% | 10.78% | |
| B | 27.68% | 19.41% | |
| CCC | 11.94% | 4.34% | |
| CC | 0.10% | 0.12% | |
| C | 0.27% | 0.00% | |
| Not Rated | 0.85% | 0.84% | |
| Reserves | 2.11% | 0.00% | |
| D | 1.33% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Sources: Moody's Investors Service; if Moody's does not rate a security, then Standard & Poor's (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody's or S&P. T. Rowe Price does not evaluate these ratings, but simply assigns them to the appropriate credit quality category as determined by the rating agency.
U.S. government agency securities are issued or guaranteed by a U.S. government agency and may include conventional pass-through securities and collateralized mortgage obligations. Unlike Treasuries, government agency securities are not issued directly by the U.S. government and are generally unrated but may have credit support from the U.S. Treasury (e.g., FHLMC and FNMA issues) or a direct government guarantee (e.g., GNMA issues). Therefore, this category may include rated and unrated securities.
U.S. Treasury securities are issued by the U.S. Treasury and are backed by the full faith and credit of the U.S. government. The ratings of U.S. Treasury securities are derived from the ratings on the U.S. government.
Maturity (31-Dec-2019)
Representative Portfolio
vs Benchmark
| Bond Maturity | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 0-1 Years | 0.58% | 0.09% | |
| 1-3 Years | 11.78% | 11.52% | |
| 3-5 Years | 10.39% | 16.35% | |
| 5-7 Years | 18.57% | 13.22% | |
| 7-10 Years | 24.95% | 20.63% | |
| 10+ Years | 31.58% | 38.19% | |
| Cash Equivalents | 2.16% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Duration (31-Dec-2019)
Representative Portfolio
vs Benchmark
| Duration | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Under 1 Year | 2.35% | 0.41% | |
| 1-3 Years | 7.38% | 14.94% | |
| 3-5 Years | 16.77% | 20.36% | |
| 5-7 Years | 31.47% | 21.40% | |
| 7-10 Years | 10.09% | 11.84% | |
| Over 10 Years | 29.84% | 31.04% | |
| Cash Equivalents | 2.11% | 0.00% |
Duration is a measure of a bond portfolio's sensitivity to interest rate changes.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings (31-Dec-2019)
| Company | % of Portfolio | Previous Qtr Change | Value (USD) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Petrobras Global Finance BV | 3.29% | -0.15 | $191,758,061.29 | 148,050,000 | Corporate Securities | Energy | Brazil | 8.75% | Ba2 | 23-May-2026 | 5.08 |
| Eskom Holdings SOC | 3.17% | -0.06 | $184,906,589.91 | 175,495,000 | Corporate Securities | Utilities | South Africa | 7.13% | Caa1 | 11-Feb-2025 | 4.13 |
| Petroleos Mexicanos | 3.04% | -0.02 | $176,914,327.91 | 176,603,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.50% | Baa3 | 02-Jun-2041 | 11.29 |
| Perusahaan Penerbit SBSN Indonesia III | 2.22% | 0.13 | $129,325,649.95 | 116,775,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.55% | Baa2 | 29-Mar-2026 | 5.41 |
| Pertamina Persero PT | 2.12% | -0.09 | $123,257,611.80 | 104,726,000 | Corporate Securities | Petroleum | Indonesia | 5.63% | Baa2 | 20-May-2043 | 13.55 |
| Mexico City Airport Trust | 2.03% | 0.64 | $118,233,838.81 | 111,780,000 | Corporate Securities | Transportation | Mexico | 5.50% | Baa3 | 31-Jul-2047 | 13.81 |
| Turkey Government International Bond | 1.73% | 0.03 | $100,914,790.33 | 97,785,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.00% | B1 | 25-Mar-2027 | 5.72 |
| Ukraine Government International Bond | 1.63% | 0.49 | $94,907,309.81 | 84,470,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2027 | 5.69 |
| Israel Electric | 1.49% | -0.03 | $86,975,390.53 | 79,240,000 | Corporate Securities | Electric Utilities | Israel | 4.25% | Baa2 | 14-Aug-2028 | 7.15 |
| Argentine Republic Government International Bond | 1.48% | 0.02 | $86,152,410.86 | 160,315,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 7.50% | Caa2 | 22-Apr-2026 | 4.05 |
| Argentine Republic Government International Bond | 1.45% | 0.42 | $84,263,186.43 | 136,250,053 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 8.28% | Caa2 | 31-Dec-2033 | 5.05 |
| Bahamas Government International Bond | 1.42% | 0.01 | $83,012,772.83 | 73,815,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Bahamas | 6.00% | Baa3 | 21-Nov-2028 | 6.32 |
| Petroleos Mexicanos | 1.30% | 0.03 | $75,461,747.94 | 82,015,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.63% | Baa3 | 23-Jan-2046 | 12.41 |
| Vietnam Government International Bond | 1.09% | 0.06 | $63,722,511.88 | 58,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Vietnam | 4.80% | Ba3 | 19-Nov-2024 | 4.35 |
| Petrobras Global Finance BV | 1.08% | -0.01 | $62,801,034.27 | 50,020,000 | Corporate Securities | Energy | Brazil | 7.38% | Ba2 | 17-Jan-2027 | 5.51 |
| Ecuador Government International Bond | 1.06% | -0.22 | $61,851,099.08 | 64,900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ecuador | 7.95% | NR | 20-Jun-2024 | 3.65 |
| Banco do Brasil SA/Cayman | 1.01% | -0.03 | $58,610,820.78 | 51,160,000 | Corporate Securities | Banking | Brazil | 9.00% | B2 | 18-Dec-2168 | 11.09 |
| Turkey Government International Bond | 0.95% | -0.01 | $55,181,458.43 | 56,965,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.88% | B1 | 09-Oct-2026 | 5.60 |
| Ghana Government International Bond | 0.94% | 0.01 | $54,636,186.50 | 48,900,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.13% | B3 | 18-Jan-2026 | 4.00 |
| Brazilian Government International Bond | 0.93% | -0.02 | $54,369,031.85 | 51,113,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 5.00% | Ba2 | 27-Jan-2045 | 13.97 |
| Egypt Government International Bond | 0.93% | 0.03 | $54,089,676.45 | 47,075,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.50% | B2 | 31-Jan-2047 | 10.74 |
| Brazil Notas do Tesouro Nacional Serie F | 0.92% | 0.27 | $53,837,852.04 | 186,825,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 10.00% | Ba2 | 01-Jan-2023 | 0.00 |
| Eskom Holdings SOC | 0.89% | -0.03 | $52,042,328.46 | 46,680,000 | Corporate Securities | Utilities | South Africa | 8.45% | Caa1 | 10-Aug-2028 | 5.98 |
| Jamaica Government International Bond | 0.86% | 0.02 | $50,314,088.89 | 36,271,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Jamaica | 8.00% | B2 | 15-Mar-2039 | 10.57 |
| Dominican Republic International Bond | 0.83% | 0.01 | $48,296,411.24 | 41,135,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.85% | Ba3 | 27-Jan-2045 | 12.26 |
| Ecuador Government International Bond | 0.80% | -0.09 | $46,744,574.21 | 50,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ecuador | 7.88% | NR | 23-Jan-2028 | 5.49 |
| Colombia Government International Bond | 0.78% | -0.10 | $45,442,154.41 | 34,290,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 6.13% | Baa2 | 18-Jan-2041 | 12.60 |
| Ukraine Government International Bond | 0.75% | 0.01 | $43,779,505.53 | 35,450,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 9.75% | NR | 01-Nov-2028 | 6.11 |
| Indonesia Government International Bond | 0.74% | -0.03 | $43,163,902.06 | 38,107,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.63% | Baa2 | 15-Apr-2043 | 14.49 |
| Indonesia Treasury Bond | 0.74% | 0.24 | $43,029,219.87 | 521,950,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 9.00% | Baa2 | 15-Mar-2029 | 0.00 |
| Egypt Government International Bond | 0.73% | 0.02 | $42,387,002.96 | 36,890,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.50% | B2 | 31-Jan-2047 | 10.74 |
| Ukraine Government International Bond | 0.70% | 0.01 | $41,025,513.56 | 33,220,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 9.75% | NR | 01-Nov-2028 | 6.11 |
| Sri Lanka Government International Bond | 0.70% | -0.01 | $40,769,432.00 | 39,020,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.25% | B2 | 27-Jul-2021 | 1.44 |
| Colombia Government International Bond | 0.67% | -0.02 | $39,230,506.74 | 31,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 5.63% | Baa2 | 26-Feb-2044 | 13.96 |
| Serbia International Bond | 0.66% | -0.01 | $38,424,468.08 | 34,630,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 7.25% | Ba3 | 28-Sep-2021 | 1.63 |
| El Salvador Government International Bond | 0.66% | 0.01 | $38,222,226.96 | 31,015,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 8.63% | B3 | 28-Feb-2029 | 6.42 |
| Turkey Government International Bond | 0.64% | 0.00 | $37,403,648.34 | 39,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.25% | B1 | 14-Apr-2026 | 5.35 |
| Ivory Coast Government International Bond | 0.64% | -0.17 | $37,151,895.28 | 37,077,075 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 5.75% | NR | 31-Dec-2032 | 5.64 |
| Petroleos Mexicanos | 0.63% | 0.06 | $36,862,127.11 | 40,904,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.50% | Baa3 | 27-Jun-2044 | 12.53 |
| Brazilian Government International Bond | 0.62% | -0.01 | $36,213,105.97 | 33,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.63% | NR | 13-Jan-2028 | 6.59 |
| Hazine Mustesarligi Varlik Kiralama | 0.61% | -0.01 | $35,703,020.03 | 36,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.49% | B1 | 25-Nov-2024 | 4.32 |
| Oman Government International Bond | 0.61% | 0.34 | $35,701,985.04 | 35,055,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 4.75% | Ba1 | 15-Jun-2026 | 5.51 |
| Mongolia Government International Bond | 0.61% | -0.01 | $35,587,843.01 | 34,560,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 5.13% | B3 | 05-Dec-2022 | 2.69 |
| Nigeria Government International Bond | 0.61% | -0.01 | $35,383,750.67 | 33,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.14% | B2 | 23-Feb-2030 | 6.99 |
| Republic of South Africa Government International Bond | 0.57% | -0.02 | $33,479,613.13 | 33,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.65% | Baa3 | 27-Sep-2047 | 13.32 |
| Russian Foreign Bond - Eurobond | 0.56% | 0.55 | $32,655,355.18 | 29,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 4.38% | NR | 21-Mar-2029 | 7.58 |
| Petroleos De Venezuela | 0.55% | -0.05 | $31,897,387.50 | 386,635,000 | Corporate Securities | Energy | Venezuela | 9.00% | NR | 17-Nov-2021 | 0.32 |
| Turkey Government International Bond | 0.54% | -0.00 | $31,178,762.30 | 30,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.13% | B1 | 25-Mar-2022 | 2.07 |
| Ukraine Government International Bond | 0.53% | -0.27 | $30,800,993.03 | 27,480,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2025 | 4.50 |
| CNOOC Curtis Funding No 1 Pty | 0.51% | -0.02 | $29,895,190.72 | 27,600,000 | Corporate Securities | Petroleum | China | 4.50% | A1 | 03-Oct-2023 | 3.43 |
| Petrobras Global Finance BV | 0.49% | -0.02 | $28,258,540.25 | 24,546,000 | Corporate Securities | Energy | Brazil | 6.85% | Ba2 | 05-Jun-2115 | 15.98 |
| Mexican Bonos | 0.48% | -0.00 | $27,892,915.28 | 527,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.50% | A3 | 10-Jun-2021 | 0.00 |
| Cemex SAB de CV | 0.48% | -0.02 | $27,890,138.41 | 25,225,000 | Corporate Securities | Building Products | Mexico | 7.75% | NR | 16-Apr-2026 | 4.94 |
| KazMunayGas National Co JSC | 0.47% | -0.00 | $27,568,811.23 | 21,170,000 | Corporate Securities | Petroleum | Kazakhstan | 6.38% | Baa3 | 24-Oct-2048 | 14.56 |
| Cometa Energia SA de CV | 0.47% | -0.01 | $27,146,551.90 | 24,612,600 | Corporate Securities | Energy | Mexico | 6.38% | Baa3 | 24-Apr-2035 | 7.02 |
| State Grid Overseas Investment 2013 | 0.46% | -0.03 | $26,929,675.63 | 22,919,000 | Corporate Securities | Utilities | China | 4.38% | A1 | 22-May-2043 | 15.12 |
| Senegal Government International Bond | 0.46% | 0.14 | $26,740,639.86 | 25,200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.25% | Ba3 | 23-May-2033 | 8.59 |
| KSA Sukuk | 0.46% | N/A | $26,523,777.57 | 26,240,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 2.97% | A1 | 29-Oct-2029 | 8.42 |
| Akbank T.A.S. | 0.46% | 0.01 | $26,521,752.14 | 26,500,000 | Corporate Securities | Banking | Turkey | 7.20% | Caa2 | 16-Mar-2027 | 5.44 |
| Azul Investments LLP | 0.45% | -0.00 | $26,041,098.39 | 24,785,000 | Corporate Securities | Airlines | Brazil | 5.88% | B1 | 26-Oct-2024 | 4.14 |
| Brazilian Government International Bond | 0.45% | -0.01 | $25,941,243.76 | 22,545,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 5.63% | Ba2 | 07-Jan-2041 | 12.36 |
| Senegal Government International Bond | 0.43% | 0.01 | $25,068,996.80 | 20,400,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 4.75% | Ba3 | 13-Mar-2028 | 5.85 |
| Nigeria Government International Bond | 0.43% | -0.01 | $24,816,946.84 | 21,650,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 8.75% | B2 | 21-Jan-2031 | 6.98 |
| Mexican Bonos | 0.43% | 0.01 | $24,802,447.62 | 426,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 8.00% | A3 | 07-Nov-2047 | 0.00 |
| El Salvador Government International Bond | 0.42% | 0.00 | $24,631,573.29 | 21,475,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 7.65% | B3 | 15-Jun-2035 | 9.37 |
| Turkey Government International Bond | 0.42% | -0.38 | $24,597,672.75 | 23,325,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.88% | B1 | 17-Mar-2036 | 9.58 |
| Sri Lanka Government International Bond | 0.41% | -0.19 | $24,107,085.29 | 23,625,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.83% | B2 | 18-Jul-2026 | 5.03 |
| Axtel SAB de CV | 0.41% | -0.01 | $23,917,535.85 | 22,500,000 | Corporate Securities | Wireline Communications | Mexico | 6.38% | Ba3 | 14-Nov-2024 | 4.15 |
| Costa Rica Government International Bond | 0.41% | -0.00 | $23,889,393.07 | 22,265,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 7.00% | B1 | 04-Apr-2044 | 11.60 |
| Mexico City Airport Trust | 0.41% | 0.03 | $23,708,623.12 | 22,415,000 | Corporate Securities | Transportation | Mexico | 5.50% | Baa3 | 31-Jul-2047 | 13.81 |
| Sri Lanka Government International Bond | 0.40% | -0.18 | $23,320,941.90 | 24,585,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.20% | B2 | 11-May-2027 | 5.70 |
| Turkey Government International Bond | 0.40% | -0.01 | $23,066,406.87 | 27,550,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.88% | B1 | 16-Apr-2043 | 12.52 |
| Sri Lanka Government International Bond | 0.39% | -0.09 | $22,854,159.77 | 22,165,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 5.75% | B2 | 18-Jan-2022 | 1.86 |
| Perusahaan Penerbit SBSN Indonesia III | 0.39% | N/A | $22,435,763.52 | 20,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.45% | Baa2 | 20-Feb-2029 | 7.46 |
| Jamaica Government International Bond | 0.38% | 0.02 | $22,407,319.13 | 16,155,000 | Government | Foreign Govt & Muni (Excl Canadian) | Jamaica | 7.88% | B2 | 28-Jul-2045 | 12.37 |
| Ukraine Government International Bond | 0.38% | 0.00 | $22,338,452.64 | 20,564,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2021 | 1.53 |
| Republic of South Africa Government International Bond | 0.38% | -0.01 | $22,276,868.06 | 21,950,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.85% | Baa3 | 30-Sep-2029 | 7.60 |
| Mexico Government International Bond | 0.38% | 0.02 | $22,275,640.15 | 19,828,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 4.75% | A3 | 08-Mar-2044 | 14.45 |
| Republic of Uzbekistan Bond | 0.38% | 0.03 | $22,213,618.62 | 19,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 5.38% | NR | 20-Feb-2029 | 7.17 |
| Republic of Uzbekistan Bond | 0.38% | 0.00 | $22,053,599.33 | 20,405,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 4.75% | NR | 20-Feb-2024 | 3.70 |
| Israel Chemicals | 0.38% | -0.02 | $22,053,265.83 | 18,426,000 | Corporate Securities | Chemicals | Israel | 6.38% | NR | 31-May-2038 | 11.36 |
| Bermuda Government International Bond | 0.38% | -0.00 | $22,036,683.36 | 19,170,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bermuda | 4.75% | A2 | 15-Feb-2029 | 7.39 |
| Perusahaan Listrik Negara PT | 0.37% | -0.01 | $21,593,974.84 | 16,296,000 | Corporate Securities | Energy | Indonesia | 6.25% | Baa2 | 25-Jan-2049 | 14.60 |
| Turkey Government International Bond | 0.37% | 0.36 | $21,331,129.50 | 21,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.13% | B1 | 17-Feb-2028 | 6.39 |
| Nigeria Government International Bond | 0.35% | -0.06 | $20,238,290.16 | 19,650,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 6.50% | B2 | 28-Nov-2027 | 6.10 |
| Senegal Government International Bond | 0.35% | 0.01 | $20,108,535.33 | 18,950,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.25% | Ba3 | 23-May-2033 | 8.59 |
| Minerva Luxembourg | 0.34% | 0.00 | $19,893,481.55 | 18,335,000 | Corporate Securities | Food/Tobacco | Brazil | 6.50% | NR | 20-Sep-2026 | 5.36 |
| Peru LNG Srl | 0.34% | -0.02 | $19,734,546.04 | 19,680,000 | Corporate Securities | Energy | Peru | 5.38% | Ba3 | 22-Mar-2030 | 5.92 |
| Development Bank of Mongolia | 0.34% | -0.01 | $19,564,897.09 | 18,220,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 7.25% | NR | 23-Oct-2023 | 3.28 |
| Kenya Government International Bond | 0.34% | 0.01 | $19,543,956.37 | 17,535,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kenya | 7.25% | B2 | 28-Feb-2028 | 6.06 |
| Ukraine Government International Bond | 0.34% | 0.01 | $19,527,155.72 | 17,524,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2023 | 3.12 |
| Turkiye Garanti Bankasi | 0.32% | 0.00 | $18,817,832.18 | 19,645,000 | Corporate Securities | Banking | Turkey | 6.13% | Caa2 | 24-May-2027 | 5.77 |
| Oman Government International Bond | 0.32% | 0.00 | $18,515,535.24 | 18,180,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 4.75% | Ba1 | 15-Jun-2026 | 5.51 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 0.31% | -0.01 | $17,891,420.46 | 16,600,000 | Corporate Securities | Banking | Mexico | 8.50% | Ba1 | 20-Apr-2168 | 10.62 |
| Csn Resources | 0.30% | 0.00 | $17,748,994.98 | 16,175,000 | Corporate Securities | Metals & Mining | Brazil | 7.63% | B2 | 13-Feb-2023 | 2.70 |
| Suzano Austria GmbH | 0.30% | 0.01 | $17,602,501.78 | 15,200,000 | Corporate Securities | Forest Products | Brazil | 6.00% | NR | 15-Jan-2029 | 6.91 |
| Perusahaan Listrik Negara PT | 0.30% | -0.01 | $17,521,741.65 | 16,500,000 | Corporate Securities | Energy | Indonesia | 4.13% | Baa2 | 15-May-2027 | 6.32 |
| Turkey Government International Bond | 0.30% | 0.10 | $17,446,925.44 | 18,120,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.00% | B1 | 14-Jan-2041 | 11.10 |
| Turkey Government International Bond | 0.30% | -0.01 | $17,411,246.36 | 16,375,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.25% | B1 | 26-Sep-2022 | 2.47 |
| Perusahaan Listrik Negara PT | 0.30% | -0.02 | $17,339,987.88 | 15,300,000 | Corporate Securities | Energy | Indonesia | 5.25% | Baa2 | 24-Oct-2042 | 13.55 |
| CNAC HK Finbridge | 0.30% | -0.01 | $17,278,803.33 | 16,200,000 | Corporate Securities | Chemicals | China | 4.63% | NR | 14-Mar-2023 | 2.93 |
| Saudi Government International Bond | 0.30% | -0.01 | $17,273,220.44 | 14,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 5.00% | A1 | 17-Apr-2049 | 16.13 |
| Serbia Treasury Bonds | 0.30% | 0.01 | $17,233,192.14 | 1,580,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 4.50% | NR | 11-Jan-2026 | 0.00 |
| MTN Mauritius Investments | 0.29% | -0.01 | $16,842,864.76 | 15,000,000 | Corporate Securities | Wireless Communications | South Africa | 6.50% | Ba1 | 13-Oct-2026 | 5.47 |
| Republic of South Africa Government International Bond | 0.28% | -0.01 | $16,519,946.74 | 15,050,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 6.25% | Baa3 | 08-Mar-2041 | 11.70 |
| Perusahaan Penerbit SBSN Indonesia III | 0.28% | -0.00 | $16,319,879.84 | 14,922,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.35% | Baa2 | 10-Sep-2024 | 4.20 |
| Romanian Government International Bond | 0.28% | -0.01 | $16,208,372.58 | 11,360,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 4.63% | Baa3 | 03-Apr-2049 | 16.60 |
| Uruguay Government International Bond | 0.28% | -0.01 | $16,158,593.25 | 13,408,666 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Uruguay | 5.10% | Baa2 | 18-Jun-2050 | 16.14 |
| Russian Foreign Bond - Eurobond | 0.28% | 0.27 | $16,069,580.59 | 12,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.25% | NR | 23-Jun-2047 | 15.65 |
| Corp Nacional del Cobre de Chile | 0.27% | -0.02 | $15,809,482.39 | 16,450,000 | Corporate Securities | Metals & Mining | Chile | 3.70% | A3 | 30-Jan-2050 | 17.36 |
| Petroleos De Venezuela | 0.27% | -0.03 | $15,634,987.50 | 189,515,000 | Corporate Securities | Energy | Venezuela | 6.00% | NR | 16-May-2024 | 1.14 |
| State Grid Overseas Investment 2016 | 0.27% | -0.01 | $15,618,636.64 | 15,400,000 | Corporate Securities | Utilities | China | 2.88% | A1 | 18-May-2026 | 5.78 |
| Turkiye Sise Ve Cam Fabrikalari | 0.27% | 0.00 | $15,495,638.46 | 14,345,000 | Corporate Securities | Building Products | Turkey | 6.95% | B1 | 14-Mar-2026 | 4.94 |
| Brazil Notas do Tesouro Nacional Serie | 0.26% | N/A | $14,867,388.79 | 50,128,186 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 6.00% | Ba2 | 15-Aug-2024 | 0.00 |
| Ruwais Power Co-PJSC | 0.25% | N/A | $14,762,480.17 | 11,795,000 | Corporate Securities | Energy | United Arab Emirates | 6.00% | A3 | 31-Aug-2036 | 10.04 |
| Guatemala Government Bond | 0.25% | -0.01 | $14,593,319.84 | 13,550,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Guatemala | 4.90% | Ba1 | 01-Jun-2030 | 7.53 |
| Peruvian Government International Bond | 0.25% | -0.00 | $14,284,566.42 | 43,805,000 | Government | Foreign Govt & Muni (Excl Canadian) | Peru | 5.40% | A3 | 12-Aug-2034 | 0.00 |
| Serbia International Bond | 0.24% | -0.01 | $14,093,046.75 | 12,230,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 1.50% | Ba3 | 26-Jun-2029 | 8.74 |
| Emirates NBD Bank PJSC | 0.24% | N/A | $14,034,372.62 | 13,100,000 | Corporate Securities | Banking | United Arab Emirates | 6.13% | B1 | 20-Sep-2168 | 13.71 |
| Sixsigma Networks Mexico SA de CV | 0.24% | -0.01 | $13,971,142.53 | 13,660,000 | Corporate Securities | Information Technology | Mexico | 7.50% | B1 | 02-May-2025 | 4.29 |
| Brf | 0.24% | N/A | $13,910,987.03 | 13,300,000 | Corporate Securities | Food/Tobacco | Brazil | 4.88% | Ba2 | 24-Jan-2030 | 7.83 |
| Latam Finance | 0.24% | N/A | $13,847,949.89 | 12,500,000 | Corporate Securities | Airlines | Chile | 7.00% | NR | 01-Mar-2026 | 4.92 |
| Costa Rica Government International Bond | 0.24% | -0.01 | $13,818,936.07 | 13,710,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 4.38% | B1 | 30-Apr-2025 | 4.68 |
| Indonesia Government International Bond | 0.24% | -0.00 | $13,702,164.31 | 11,765,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.75% | Baa2 | 11-Feb-2029 | 7.39 |
| Ivory Coast Government International Bond | 0.23% | 0.00 | $13,691,580.28 | 11,500,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 6.63% | Ba3 | 22-Mar-2048 | 11.74 |
| Russian Federal Bond - ofZ | 0.23% | N/A | $13,686,803.54 | 800,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 7.15% | NR | 12-Nov-2025 | 0.00 |
| Petroleos Mexicanos | 0.23% | 0.00 | $13,581,191.53 | 12,535,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.50% | Baa3 | 23-Jan-2029 | 6.66 |
| Paraguay Government International Bond | 0.23% | -0.00 | $13,489,709.22 | 11,520,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Paraguay | 5.40% | Ba1 | 30-Mar-2050 | 15.18 |
| NBK Tier 1 Financing 2 | 0.23% | N/A | $13,417,878.80 | 13,360,000 | Corporate Securities | Financial | Kuwait | 4.50% | Baa3 | 27-May-2168 | 15.52 |
| Klabin Austria GmbH | 0.23% | -0.01 | $13,350,341.90 | 12,350,000 | Corporate Securities | Forest Products | Brazil | 5.75% | NR | 03-Apr-2029 | 7.10 |
| Argentine Republic Government International Bond | 0.23% | -0.25 | $13,331,671.26 | 26,630,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 5.88% | Caa2 | 11-Jan-2028 | 4.90 |
| Petroleos Mexicanos | 0.22% | -0.11 | $13,018,985.43 | 12,711,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.75% | Baa3 | 21-Sep-2047 | 12.11 |
| Irsa Propiedades Comerciales | 0.22% | 0.03 | $12,837,452.01 | 13,995,000 | Corporate Securities | Retail | Argentina | 8.75% | NR | 23-Mar-2023 | 2.61 |
| Peruvian Government International Bond | 0.22% | -0.01 | $12,816,765.89 | 12,380,000 | Government | Foreign Govt & Muni (Excl Canadian) | Peru | 2.84% | A3 | 20-Jun-2030 | 9.02 |
| Argentine Republic Government International Bond | 0.22% | -0.02 | $12,556,761.84 | 25,090,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 3.75% | Caa2 | 31-Dec-2038 | 8.68 |
| Saudi Arabian Oil | 0.21% | N/A | $12,523,076.08 | 12,000,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 3.50% | A1 | 16-Apr-2029 | 7.86 |
| Mong Duong Finance Holdings BV | 0.21% | -0.01 | $12,206,025.80 | 11,815,000 | Corporate Securities | Utilities | Vietnam | 5.13% | Ba3 | 07-May-2029 | 7.03 |
| Mexican Bonos | 0.21% | 0.00 | $12,012,414.23 | 175,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 10.00% | A3 | 20-Nov-2036 | 0.00 |
| Turk Telekomunikasyon | 0.21% | -0.00 | $12,005,778.69 | 12,000,000 | Corporate Securities | Wireline Communications | Turkey | 4.88% | NR | 19-Jun-2024 | 3.96 |
| Turk Telekomunikasyon | 0.20% | 0.00 | $11,909,912.90 | 10,875,000 | Corporate Securities | Wireline Communications | Turkey | 6.88% | NR | 28-Feb-2025 | 4.25 |
| Mhp Lux | 0.20% | 0.00 | $11,836,066.36 | 11,810,000 | Corporate Securities | Food/Tobacco | Ukraine | 6.25% | NR | 19-Sep-2029 | 7.04 |
| Mexico Government International Bond | 0.20% | -0.00 | $11,479,324.49 | 10,354,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 4.60% | A3 | 23-Jan-2046 | 15.09 |
| State Grid Overseas Investment 2014 | 0.20% | -0.01 | $11,370,350.26 | 8,984,000 | Corporate Securities | Utilities | China | 4.85% | A1 | 07-May-2044 | 15.16 |
| Panama Government International Bond | 0.19% | -0.00 | $11,119,694.59 | 10,150,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Panama | 3.87% | Baa1 | 23-Jul-2060 | 20.15 |
| Banco BTG Pactual SA/Cayman Islands | 0.19% | N/A | $11,085,690.79 | 10,170,000 | Corporate Securities | Banking | Brazil | 7.75% | B1 | 15-Feb-2029 | 6.40 |
| Braskem Idesa SAPI | 0.19% | N/A | $10,873,471.91 | 10,130,000 | Corporate Securities | Chemicals | Mexico | 7.45% | NR | 15-Nov-2029 | 6.98 |
| Kuwait International Government Bond | 0.19% | -0.00 | $10,863,738.46 | 10,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kuwait | 3.50% | NR | 20-Mar-2027 | 6.34 |
| Banco Nacional de Costa Rica | 0.19% | -0.01 | $10,855,702.16 | 10,137,000 | Corporate Securities | Banking | Costa Rica | 6.25% | B1 | 01-Nov-2023 | 3.37 |
| Dominican Republic International Bond | 0.18% | -0.01 | $10,770,302.26 | 8,810,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 7.45% | Ba3 | 30-Apr-2044 | 12.02 |
| FirstRand Bank | 0.18% | -0.01 | $10,749,785.52 | 10,000,000 | Corporate Securities | Banking | South Africa | 6.25% | Ba2 | 23-Apr-2028 | 6.47 |
| Country Garden Holdings | 0.18% | -0.00 | $10,676,702.75 | 10,350,000 | Corporate Securities | Building & Real Estate | China | 4.75% | NR | 17-Jan-2023 | 2.75 |
| Panama Government International Bond | 0.18% | -0.01 | $10,444,591.32 | 8,730,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Panama | 4.50% | Baa1 | 16-Apr-2050 | 16.92 |
| AC Energy Finance International | 0.17% | N/A | $10,140,134.04 | 9,995,000 | Corporate Securities | Electric Utilities | Philippines | 5.65% | NR | 04-Jun-2168 | 14.16 |
| Listrindo Capital BV | 0.17% | -0.00 | $9,949,664.35 | 9,645,000 | Corporate Securities | Utilities | Indonesia | 4.95% | Ba2 | 14-Sep-2026 | 5.58 |
| Israel Electric | 0.17% | -0.01 | $9,741,727.97 | 7,400,000 | Corporate Securities | Electric Utilities | Israel | 7.75% | Baa2 | 15-Dec-2027 | 6.25 |
| Mongolia Government International Bond | 0.17% | -0.00 | $9,711,435.41 | 9,330,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 5.63% | B3 | 01-May-2023 | 3.00 |
| C&W Senior Financing DAC | 0.17% | -0.00 | $9,635,203.43 | 8,750,000 | Corporate Securities | Cable Operators | Panama | 7.50% | B2 | 15-Oct-2026 | N/A |
| Laos Government International Bond | 0.16% | N/A | $9,558,144.13 | 9,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Laos | 6.88% | B3 | 30-Jun-2021 | N/A |
| Eskom Holdings SOC | 0.16% | -0.01 | $9,456,235.92 | 9,010,000 | Corporate Securities | Utilities | South Africa | 6.75% | Caa1 | 06-Aug-2023 | 3.08 |
| Pakistan Government International Bond | 0.16% | -0.35 | $9,445,389.50 | 9,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Pakistan | 6.88% | B3 | 05-Dec-2027 | 6.06 |
| Trinidad Petroleum Holdings | 0.16% | -0.01 | $9,334,851.43 | 8,352,000 | Corporate Securities | Petroleum | Trinidad and Tobago | 9.75% | Ba3 | 15-Jun-2026 | 4.76 |
| BBVA Bancomer SA/Texas | 0.16% | 0.01 | $9,312,135.65 | 9,000,000 | Corporate Securities | Banking | Mexico | 5.13% | NR | 18-Jan-2033 | 9.23 |
| Ukraine Railways Via Rail Capital Markets | 0.15% | 0.00 | $8,875,583.91 | 8,000,000 | Corporate Securities | Transportation | Ukraine | 8.25% | NR | 09-Jul-2024 | 3.64 |
| Times China Holdings | 0.15% | 0.06 | $8,801,368.90 | 8,345,000 | Corporate Securities | Building & Real Estate | China | 6.75% | B1 | 16-Jul-2023 | 3.02 |
| Itau Unibanco Holding SA/Cayman Island | 0.15% | -0.00 | $8,750,625.37 | 8,345,000 | Corporate Securities | Banking | Brazil | 6.13% | B2 | 12-Jun-2168 | 13.58 |
| Pertamina Persero PT | 0.15% | -0.01 | $8,697,630.79 | 7,050,000 | Corporate Securities | Petroleum | Indonesia | 6.00% | Baa2 | 03-May-2042 | 13.02 |
| Egypt Government International Bond | 0.15% | 0.00 | $8,673,825.06 | 8,025,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.90% | B2 | 21-Feb-2048 | 11.08 |
| HTA Group Ltd/Mauritius | 0.15% | -0.00 | $8,618,416.07 | 8,100,000 | Corporate Securities | Media & Communications | Congo, Democratic Republic Of | 9.13% | B2 | 08-Mar-2022 | 1.91 |
| Ukraine Government International Bond | 0.14% | 0.14 | $8,245,320.21 | 7,070,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 8.99% | NR | 01-Feb-2024 | 3.34 |
| Celulosa Arauco Y Constitucion | 0.14% | N/A | $8,208,496.46 | 8,110,000 | Corporate Securities | Forest Products | Chile | 4.20% | Baa3 | 29-Jan-2030 | 8.09 |
| Controladora Mabe SA de CV | 0.14% | -0.00 | $8,128,972.54 | 7,300,000 | Corporate Securities | Consumer Products | Mexico | 5.60% | Baa3 | 23-Oct-2028 | 6.96 |
| Ukraine Government International Bond | 0.14% | 0.01 | $8,065,005.00 | 8,412,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 0.00% | NR | 31-May-2040 | 0.00 |
| Alrosa Finance | 0.14% | N/A | $8,033,679.01 | 7,440,000 | Corporate Securities | Metals & Mining | Russia | 4.65% | NR | 09-Apr-2024 | 3.84 |
| Telefonica Celular Del Paraguay | 0.14% | -0.01 | $8,006,211.37 | 7,385,000 | Corporate Securities | Wireline Communications | Paraguay | 5.88% | Ba1 | 15-Apr-2027 | 5.88 |
| Ivory Coast Government International Bond | 0.14% | 0.00 | $7,935,163.70 | 6,665,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 6.63% | Ba3 | 22-Mar-2048 | 11.74 |
| SriLankan Airlines | 0.13% | -0.01 | $7,772,272.96 | 7,860,000 | Corporate Securities | Airlines | Sri Lanka | 7.00% | NR | 25-Jun-2024 | 3.78 |
| Rumo Luxembourg Sarl | 0.13% | -0.00 | $7,681,190.90 | 6,975,000 | Corporate Securities | Transportation | Brazil | 5.88% | NR | 18-Jan-2025 | 4.26 |
| Republic of Uzbekistan Bond | 0.13% | -0.00 | $7,502,851.02 | 6,620,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 5.38% | NR | 20-Feb-2029 | 7.17 |
| Brazilian Government International Bond | 0.12% | -0.01 | $7,227,756.75 | 5,095,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 8.25% | Ba2 | 20-Jan-2034 | 8.95 |
| BBVA Bancomer SA/Texas | 0.12% | -0.00 | $7,141,444.81 | 7,000,000 | Corporate Securities | Banking | Mexico | 5.35% | Baa3 | 12-Nov-2029 | 7.56 |
| Bangkok Bank PCL/Hong Kong | 0.12% | -0.00 | $7,059,390.41 | 6,895,000 | Corporate Securities | Banking | Thailand | 3.73% | Baa3 | 25-Sep-2034 | 11.12 |
| HPCL-Mittal Energy | 0.12% | -0.00 | $7,056,191.56 | 6,930,000 | Corporate Securities | Energy | India | 5.25% | Ba2 | 28-Apr-2027 | 5.97 |
| Instituto Costarricense de Electricidad | 0.12% | -0.00 | $6,955,851.65 | 8,000,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 6.38% | B1 | 15-May-2043 | 10.80 |
| Perusahaan Listrik Negara PT | 0.12% | -0.00 | $6,920,649.28 | 6,245,000 | Corporate Securities | Energy | Indonesia | 4.88% | Baa2 | 17-Jul-2049 | 15.54 |
| Venezuela Government International Bond | 0.12% | 0.00 | $6,811,475.00 | 57,970,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 7.75% | NR | 13-Oct-2020 | 0.66 |
| U.S. Treasury Notes | 0.12% | 0.02 | $6,780,486.27 | 6,780,000 | US Govt & Agencies | U S Treasury Obligations | United States | 1.50% | Aaa | 15-Jun-2020 | N/A |
| Argentine Republic Government International Bond | 0.11% | 0.01 | $6,678,654.98 | 12,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 6.88% | Caa2 | 26-Jan-2027 | 4.33 |
| Venezuela Government International Bond | 0.11% | 0.00 | $6,648,600.00 | 55,405,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 6.00% | C | 09-Dec-2020 | 0.90 |
| Paraguay Government International Bond | 0.11% | -0.00 | $6,582,680.17 | 5,530,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 5.60% | NR | 13-Mar-2048 | 14.73 |
| Costa Rica Government International Bond | 0.11% | N/A | $6,563,130.41 | 6,120,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 6.13% | B1 | 19-Feb-2031 | 7.51 |
| Metropolitan Light | 0.11% | -0.00 | $6,469,151.06 | 6,225,000 | Corporate Securities | Other Telecommunications | Hong Kong | 5.50% | Ba2 | 21-Nov-2022 | 2.64 |
| Ukraine Government International Bond | 0.11% | 0.01 | $6,422,245.00 | 4,930,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 6.75% | NR | 20-Jun-2026 | 5.12 |
| Cosan Overseas | 0.11% | -0.00 | $6,419,513.94 | 6,085,000 | Corporate Securities | Food/Tobacco | Brazil | 8.25% | Ba2 | 05-Feb-2168 | 10.79 |
| Bermuda Government International Bond | 0.11% | -0.00 | $6,414,110.22 | 6,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bermuda | 3.72% | A2 | 25-Jan-2027 | 6.12 |
| Globo Comunicacao E Participacoes | 0.11% | -0.00 | $6,368,114.89 | 6,045,000 | Corporate Securities | Telephones | Brazil | 5.13% | NR | 31-Mar-2027 | N/A |
| El Salvador Government International Bond | 0.11% | 0.04 | $6,321,979.62 | 5,130,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 8.63% | B3 | 28-Feb-2029 | 6.42 |
| Csn Resources | 0.11% | 0.00 | $6,199,803.50 | 5,650,000 | Corporate Securities | Metals & Mining | Brazil | 7.63% | B2 | 13-Feb-2023 | 2.70 |
| Morocco Government International Bond | 0.11% | -0.01 | $6,158,728.69 | 5,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Morocco | 5.50% | NR | 11-Dec-2042 | 13.84 |
| Itau Unibanco Holding SA/Cayman Island | 0.11% | 0.00 | $6,150,137.14 | 5,700,000 | Corporate Securities | Banking | Brazil | 6.50% | B2 | 19-Sep-2168 | 13.37 |
| Oman Government International Bond | 0.10% | 0.00 | $6,076,092.07 | 5,850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 6.75% | Ba1 | 17-Jan-2048 | 11.99 |
| Easy Tactic | 0.10% | 0.00 | $5,841,282.77 | 5,340,000 | Corporate Securities | Building & Real Estate | China | 9.13% | NR | 28-Jul-2022 | 2.20 |
| Petroleos Mexicanos | 0.10% | -0.63 | $5,754,477.10 | 5,650,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.35% | Baa3 | 12-Feb-2028 | 6.36 |
| Commonwealth of Puerto Rico | 0.10% | -0.21 | $5,726,250.00 | 9,000,000 | Tax-Free Gen. Obligations | General Obligations - State | United States | 8.00% | Ca | 01-Jul-2035 | N/A |
| Petroleos De Venezuela | 0.10% | -0.10 | $5,716,777.50 | 30,901,500 | Corporate Securities | Energy | Venezuela | 8.50% | NR | 27-Oct-2020 | 1.18 |
| Bahamas Government International Bond | 0.10% | 0.00 | $5,623,028.71 | 5,000,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Bahamas | 6.00% | Baa3 | 21-Nov-2028 | 6.32 |
| Petroleos De Venezuela | 0.09% | -0.01 | $5,520,487.50 | 66,915,000 | Corporate Securities | Energy | Venezuela | 5.38% | NR | 12-Apr-2027 | 1.69 |
| Petroleos De Venezuela | 0.09% | -0.01 | $5,511,412.50 | 66,805,000 | Corporate Securities | Energy | Venezuela | 6.00% | NR | 15-Nov-2026 | 1.60 |
| Bharti Airtel | 0.09% | N/A | $5,424,496.58 | 5,300,000 | Corporate Securities | Wireless Communications | India | 4.38% | Ba1 | 10-Jun-2025 | 4.80 |
| Nexa Resources | 0.09% | N/A | $5,402,145.66 | 5,000,000 | Corporate Securities | Metals & Mining | Peru | 5.38% | Ba2 | 04-May-2027 | 6.03 |
| Republic of Armenia International Bond | 0.09% | -0.00 | $5,300,053.97 | 5,280,000 | Government | Foreign Govt & Muni (Excl Canadian) | Armenia | 3.95% | Ba3 | 26-Sep-2029 | 7.91 |
| Rutas 2 & 7 Finance | 0.09% | N/A | $5,285,592.20 | 8,120,000 | Corporate Securities | Transportation | Paraguay | 0.00% | Ba1 | 30-Sep-2036 | N/A |
| Perusahaan Listrik Negara PT | 0.09% | -0.00 | $5,240,775.95 | 4,930,000 | Corporate Securities | Energy | Indonesia | 3.88% | Baa2 | 17-Jul-2029 | 7.83 |
| Eskom Holdings SOC | 0.09% | -0.13 | $5,202,700.80 | 5,055,000 | Corporate Securities | Utilities | South Africa | 5.75% | Caa1 | 26-Jan-2021 | 1.00 |
| Metropolitan Light | 0.09% | -0.00 | $5,144,584.31 | 4,948,000 | Corporate Securities | Other Telecommunications | Hong Kong | 5.50% | Ba2 | 21-Nov-2022 | 2.64 |
| Perusahaan Listrik Negara PT | 0.09% | N/A | $5,126,428.81 | 5,020,000 | Corporate Securities | Energy | Indonesia | 4.38% | Baa2 | 05-Feb-2050 | 16.37 |
| Lima Metro Line 2 Finance | 0.09% | -0.07 | $5,040,519.79 | 4,291,972 | Corporate Securities | Transportation | Peru | 5.88% | Baa1 | 05-Jul-2034 | 6.47 |
| Thaioil Treasury Center | 0.08% | N/A | $4,949,399.97 | 5,175,000 | Corporate Securities | Oil Field Serv | Thailand | 3.50% | Baa1 | 17-Oct-2049 | 17.64 |
| LCPR Senior Secured Financing DAC | 0.08% | N/A | $4,945,857.66 | 4,590,000 | Corporate Securities | Cable Operators | United States | 6.75% | B1 | 15-Oct-2027 | N/A |
| Vietnam Government International Bond | 0.08% | -0.00 | $4,836,976.17 | 4,750,000 | Government | Foreign Govt & Muni (Excl Canadian) | Vietnam | 2.85% | NR | 13-Mar-2028 | 7.02 |
| Oi | 0.08% | -0.00 | $4,715,480.76 | 5,025,000 | Corporate Securities | Wireline Communications | Brazil | 10.00% | NR | 27-Jul-2025 | 3.91 |
| Costa Rica Government International Bond | 0.08% | 0.01 | $4,628,498.66 | 4,510,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 4.25% | B1 | 26-Jan-2023 | 2.80 |
| Citgo Holding | 0.08% | 0.00 | $4,566,036.89 | 4,110,000 | Corporate Securities | Energy | United States | 9.25% | Caa1 | 01-Aug-2024 | N/A |
| Eskom Holdings SOC | 0.07% | -0.00 | $4,348,009.45 | 3,900,000 | Corporate Securities | Utilities | South Africa | 8.45% | Caa1 | 10-Aug-2028 | 5.98 |
| Perusahaan Penerbit SBSN Indonesia III | 0.07% | N/A | $4,341,390.26 | 4,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.15% | Baa2 | 29-Mar-2027 | 6.21 |
| Ivory Coast Government International Bond | 0.07% | -0.00 | $4,258,997.17 | 4,200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 6.13% | Ba3 | 15-Jun-2033 | 8.60 |
| Costa Rica Government International Bond | 0.07% | 0.00 | $4,235,671.63 | 3,885,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 7.16% | B1 | 12-Mar-2045 | 11.61 |
| Country Garden Holdings | 0.07% | -0.00 | $4,137,987.57 | 3,700,000 | Corporate Securities | Building & Real Estate | China | 8.00% | NR | 27-Jan-2024 | 3.42 |
| Petroleos De Venezuela | 0.07% | -0.01 | $4,103,385.00 | 49,738,000 | Corporate Securities | Energy | Venezuela | 12.75% | NR | 17-Feb-2022 | 0.19 |
| Tarjeta Naranja | 0.07% | 0.00 | $4,022,029.76 | 17,525,000 | Corporate Securities | Financial | Argentina | 15.86% | Caa2 | 11-Apr-2022 | 0.00 |
| Ypf | 0.07% | N/A | $3,970,710.59 | 4,055,000 | Corporate Securities | Energy | Argentina | 8.50% | Caa2 | 28-Jul-2025 | 4.15 |
| Oman Government International Bond | 0.07% | N/A | $3,857,193.52 | 3,630,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 5.63% | Ba1 | 17-Jan-2028 | 6.29 |
| CNRC Capitale | 0.07% | -0.00 | $3,841,752.67 | 3,762,000 | Corporate Securities | Chemicals | China | 3.90% | Baa2 | 02-Dec-2168 | 12.50 |
| Gold Fields Orogen Holdings BVI | 0.06% | -0.00 | $3,687,705.88 | 3,425,000 | Corporate Securities | Metals & Mining | South Africa | 5.13% | Baa3 | 15-May-2024 | 3.90 |
| Consorcio Transmantaro | 0.06% | -0.00 | $3,684,607.51 | 3,315,000 | Corporate Securities | Utilities | Peru | 4.70% | Baa3 | 16-Apr-2034 | 9.35 |
| C&W Senior Financing DAC | 0.06% | 0.00 | $3,657,810.82 | 3,315,000 | Corporate Securities | Cable Operators | Panama | 6.88% | B2 | 15-Sep-2027 | N/A |
| Ukraine Government International Bond | 0.06% | N/A | $3,618,769.12 | 3,230,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2024 | 3.84 |
| Poinsettia Finance | 0.06% | -0.00 | $3,432,471.87 | 3,600,000 | Corporate Securities | Banking | Mexico | 6.63% | Baa3 | 17-Jun-2031 | 5.73 |
| Jamaica Government International Bond | 0.06% | 0.01 | $3,419,495.29 | 2,850,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Jamaica | 6.75% | B2 | 28-Apr-2028 | 5.86 |
| Bahamas Government International Bond | 0.06% | 0.00 | $3,247,197.15 | 2,925,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bahamas | 5.75% | Baa3 | 16-Jan-2024 | 3.53 |
| Venezuela Government International Bond | 0.05% | 0.00 | $3,120,000.00 | 26,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 11.75% | C | 21-Oct-2026 | 0.89 |
| Venezuela Government International Bond | 0.05% | 0.00 | $3,120,000.00 | 26,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 9.25% | C | 15-Sep-2027 | 1.04 |
| Grenada Government International Bond | 0.05% | -0.00 | $2,922,422.83 | 2,998,540 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Grenada | 7.00% | NR | 12-May-2030 | N/A |
| Romanian Government International Bond | 0.05% | N/A | $2,853,586.72 | 2,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 4.63% | Baa3 | 03-Apr-2049 | 16.60 |
| Argentine Republic Government International Bond | 0.05% | -0.00 | $2,783,914.90 | 113,815,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 0.00% | NR | 15-Dec-2035 | N/A |
| State Grid Overseas Investment 2014 | 0.05% | -0.00 | $2,673,219.64 | 2,484,000 | Corporate Securities | Utilities | China | 4.13% | A1 | 07-May-2024 | 3.97 |
| Sri Lanka Government International Bond | 0.05% | -0.00 | $2,648,966.74 | 2,705,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.13% | B2 | 03-Jun-2025 | 4.51 |
| St Marys Cement Inc Canada | 0.05% | -0.00 | $2,633,222.34 | 2,290,000 | Corporate Securities | Building Products | Brazil | 5.75% | Ba1 | 28-Jan-2027 | 5.75 |
| Export-Import Bank of China | 0.04% | -0.00 | $2,513,359.97 | 2,374,000 | Corporate Securities | Financial | China | 3.38% | A1 | 14-Mar-2027 | 6.33 |
| Ukraine Government International Bond | 0.04% | 0.00 | $2,451,480.40 | 2,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2023 | 3.12 |
| Mongolia Government International Bond | 0.04% | -0.00 | $2,405,528.38 | 2,150,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 10.88% | B3 | 06-Apr-2021 | 1.17 |
| Sri Lanka Government International Bond | 0.04% | -0.00 | $2,308,348.71 | 2,245,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 5.88% | B2 | 25-Jul-2022 | 2.29 |
| Petroleos Mexicanos | 0.04% | N/A | $2,300,997.45 | 2,250,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 3.50% | Baa3 | 30-Jan-2023 | 2.86 |
| Sri Lanka Government International Bond | 0.04% | -0.00 | $2,123,226.57 | 2,059,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.25% | B2 | 04-Oct-2020 | 0.72 |
| Petroleos Mexicanos | 0.04% | 0.00 | $2,098,570.30 | 42,400,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 7.19% | Baa3 | 12-Sep-2024 | 0.00 |
| Sri Lanka Government International Bond | 0.03% | -0.00 | $2,001,533.73 | 2,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 5.75% | B2 | 18-Apr-2023 | 2.93 |
| Ypf | 0.03% | N/A | $1,923,570.81 | 1,925,000 | Corporate Securities | Energy | Argentina | 8.75% | Caa2 | 04-Apr-2024 | 2.76 |
| Russian Foreign Bond - Eurobond | 0.03% | 0.00 | $1,915,463.09 | 1,400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.88% | Baa3 | 16-Sep-2043 | 14.01 |
| Mexico Government International Bond | 0.03% | -0.00 | $1,852,341.71 | 1,750,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 3.75% | A3 | 11-Jan-2028 | 6.80 |
| Republic of Belarus International Bond | 0.03% | N/A | $1,824,897.60 | 1,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Belarus | 7.63% | B3 | 29-Jun-2027 | 5.80 |
| El Salvador Government International Bond | 0.03% | 0.01 | $1,805,568.38 | 1,650,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 6.38% | B3 | 18-Jan-2027 | 5.53 |
| Provincia de Buenos Aires/Government Bonds | 0.03% | -0.06 | $1,764,619.84 | 3,740,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 9.13% | Caa2 | 16-Mar-2024 | 1.93 |
| Colombia Government International Bond | 0.03% | -0.01 | $1,741,822.97 | 1,630,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 4.00% | Baa2 | 26-Feb-2024 | 3.78 |
| Venezuela Government International Bond | 0.03% | 0.00 | $1,728,000.00 | 14,400,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Venezuela | 11.95% | C | 05-Aug-2031 | 0.49 |
| Brazilian Government International Bond | 0.03% | 0.00 | $1,703,529.66 | 1,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.50% | Ba2 | 30-May-2029 | 7.66 |
| Nigeria Government International Bond | 0.03% | -0.00 | $1,674,970.44 | 1,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.14% | B2 | 23-Feb-2030 | 6.99 |
| Egypt Government International Bond | 0.03% | -0.00 | $1,668,254.01 | 1,450,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.70% | B2 | 01-Mar-2049 | 10.88 |
| Petroleos De Venezuela | 0.03% | -0.00 | $1,648,350.00 | 19,980,000 | Corporate Securities | Energy | Venezuela | 9.75% | NR | 17-May-2035 | 1.55 |
| Paraguay Government International Bond | 0.03% | -0.00 | $1,618,535.54 | 1,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 4.63% | Ba1 | 25-Jan-2023 | 2.81 |
| Ecuador Government International Bond | 0.03% | -0.04 | $1,617,016.59 | 1,625,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ecuador | 8.75% | NR | 02-Jun-2023 | 2.87 |
| CNAC HK Finbridge | 0.03% | -0.00 | $1,610,124.69 | 1,409,000 | Corporate Securities | Chemicals | China | 5.13% | NR | 14-Mar-2028 | 6.68 |
| Health & Happiness H&H International Holdings | 0.03% | N/A | $1,600,602.63 | 1,530,000 | Corporate Securities | Consumer Products | China | 5.63% | Ba3 | 24-Oct-2024 | 4.15 |
| State Grid Overseas Investment 2013 | 0.03% | -0.00 | $1,599,272.10 | 1,365,000 | Corporate Securities | Utilities | China | 4.38% | A1 | 22-May-2043 | 15.12 |
| Russian Foreign Bond - Eurobond | 0.03% | 0.00 | $1,589,307.94 | 1,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.63% | Baa3 | 04-Apr-2042 | 13.68 |
| Pakistan Government International Bond | 0.03% | -0.01 | $1,584,258.29 | 1,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Pakistan | 7.88% | B3 | 31-Mar-2036 | 9.01 |
| Provincia de Buenos Aires/Government Bonds | 0.03% | 0.00 | $1,565,897.14 | 191,620,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 59.74% | Caa2 | 31-May-2022 | 0.00 |
| Guatemala Government Bond | 0.03% | -0.00 | $1,563,708.65 | 1,475,000 | Government | Foreign Govt & Muni (Excl Canadian) | Guatemala | 4.50% | Ba1 | 03-May-2026 | 5.47 |
| Mong Duong Finance Holdings BV | 0.03% | N/A | $1,550,991.00 | 1,500,000 | Corporate Securities | Utilities | Vietnam | 5.13% | Ba3 | 07-May-2029 | 5.42 |
| Egypt Government International Bond | 0.03% | 0.00 | $1,493,244.83 | 1,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.50% | B2 | 31-Jan-2027 | 5.40 |
| Corp Nacional del Cobre de Chile | 0.03% | 0.02 | $1,475,468.66 | 1,325,000 | Corporate Securities | Metals & Mining | Chile | 4.50% | A3 | 01-Aug-2047 | 15.78 |
| Listrindo Capital BV | 0.02% | -0.00 | $1,444,222.92 | 1,400,000 | Corporate Securities | Utilities | Indonesia | 4.95% | Ba2 | 14-Sep-2026 | 5.58 |
| Argentine Republic Government International Bond | 0.02% | 0.02 | $1,441,569.88 | 2,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 6.88% | Caa2 | 11-Jan-2048 | 6.61 |
| Mexico Government International Bond | 0.02% | 0.00 | $1,395,978.95 | 1,048,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.05% | A3 | 11-Jan-2040 | 12.32 |
| Angolan Government International Bond | 0.02% | -0.00 | $1,358,174.96 | 1,250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Angola | 8.25% | B3 | 09-May-2028 | 6.05 |
| National Highways Authority of India | 0.02% | -0.00 | $1,317,541.52 | 90,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 7.30% | NR | 18-May-2022 | 0.00 |
| Uruguay Government International Bond | 0.02% | -0.00 | $1,283,093.04 | 1,149,481 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Uruguay | 4.38% | Baa2 | 27-Oct-2027 | 5.89 |
| Export-Import Bank of India | 0.02% | -0.00 | $1,267,237.31 | 1,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 4.00% | Baa2 | 14-Jan-2023 | 2.80 |
| Sri Lanka Government International Bond | 0.02% | -0.35 | $1,224,486.88 | 1,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.83% | B2 | 18-Jul-2026 | 5.03 |
| Petroleos Mexicanos | 0.02% | -0.00 | $1,154,733.65 | 1,120,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.63% | Baa3 | 15-Jun-2035 | 9.59 |
| Brazilian Government International Bond | 0.02% | -0.00 | $1,153,264.48 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 5.63% | Ba2 | 21-Feb-2047 | 14.16 |
| Egypt Government International Bond | 0.02% | 0.00 | $1,148,649.87 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.50% | B2 | 31-Jan-2027 | 5.40 |
| Ypf | 0.02% | -0.00 | $1,140,843.73 | 4,550,000 | Corporate Securities | Energy | Argentina | 15.86% | Caa2 | 07-Jul-2020 | 0.00 |
| Sri Lanka Government International Bond | 0.02% | -0.00 | $1,117,624.44 | 1,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.85% | B2 | 03-Nov-2025 | 4.70 |
| Controladora Mabe SA de CV | 0.02% | -0.00 | $1,113,557.88 | 1,000,000 | Corporate Securities | Consumer Products | Mexico | 5.60% | Baa3 | 23-Oct-2028 | 6.96 |
| Petroleos Del Peru | 0.02% | N/A | $1,109,473.67 | 950,000 | Corporate Securities | Energy | Peru | 5.63% | NR | 19-Jun-2047 | 14.66 |
| Russian Foreign Bond - Eurobond | 0.02% | -0.00 | $1,106,200.35 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 4.88% | Baa3 | 16-Sep-2023 | 3.37 |
| Sri Lanka Government Bonds | 0.02% | N/A | $1,102,146.96 | 185,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 11.00% | NR | 01-Aug-2021 | N/A |
| Turk Telekomunikasyon | 0.02% | N/A | $1,095,193.77 | 1,000,000 | Corporate Securities | Wireline Communications | Turkey | 6.88% | NR | 28-Feb-2025 | 4.25 |
| Indonesia Government International Bond | 0.02% | -0.00 | $1,078,745.80 | 886,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 5.13% | Baa2 | 15-Jan-2045 | 14.57 |
| Ecuador Government International Bond | 0.02% | -0.40 | $1,022,147.96 | 975,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ecuador | 10.75% | NR | 28-Mar-2022 | 1.91 |
| Venezuela Government International Bond | 0.02% | 0.00 | $996,000.00 | 8,300,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Venezuela | 12.75% | C | 23-Aug-2022 | 0.15 |
| Petropavlovsk 2016 | 0.02% | N/A | $974,872.27 | 935,000 | Corporate Securities | Metals & Mining | Russia | 8.13% | NR | 14-Nov-2022 | 2.51 |
| Serbia Treasury Bonds | 0.02% | -0.00 | $965,603.46 | 80,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 5.88% | NR | 08-Feb-2028 | 0.00 |
| Kazakhstan Government International Bond | 0.02% | -0.00 | $939,425.77 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kazakhstan | 5.13% | Baa3 | 21-Jul-2025 | 4.80 |
| Pelabuhan Indonesia II PT | 0.02% | -0.00 | $930,643.37 | 801,000 | Corporate Securities | Transportation | Indonesia | 5.38% | Baa2 | 05-May-2045 | 14.27 |
| Perusahaan Penerbit SBSN Indonesia III | 0.02% | -0.00 | $922,570.47 | 850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.15% | Baa2 | 29-Mar-2027 | 6.21 |
| Nigeria Government International Bond | 0.02% | -0.00 | $906,345.83 | 880,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 6.50% | B2 | 28-Nov-2027 | 6.10 |
| Turkey Government International Bond | 0.02% | 0.00 | $899,282.05 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 7.38% | B1 | 05-Feb-2025 | 4.15 |
| Turkey Government International Bond | 0.02% | 0.01 | $896,848.82 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 7.63% | B1 | 26-Apr-2029 | 6.68 |
| Brazilian Government International Bond | 0.02% | N/A | $892,845.04 | 898,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.75% | Ba2 | 14-Jan-2050 | 15.47 |
| Republic of South Africa Government International Bond | 0.02% | 0.00 | $892,619.42 | 900,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.30% | Baa3 | 12-Oct-2028 | 7.15 |
| Trade & development Bank of Mongolia | 0.02% | -0.00 | $891,359.12 | 865,000 | Corporate Securities | Banking | Mongolia | 9.38% | B3 | 19-May-2020 | 0.37 |
| Russian Foreign Bond - Eurobond | 0.01% | -0.00 | $849,814.10 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 4.50% | Baa3 | 04-Apr-2022 | 2.13 |
| Colombia Government International Bond | 0.01% | -0.00 | $830,707.71 | 575,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 7.38% | Baa2 | 18-Sep-2037 | 10.96 |
| Brazilian Government International Bond | 0.01% | -0.00 | $827,818.85 | 700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 6.00% | Ba2 | 07-Apr-2026 | 5.25 |
| Russian Foreign Bond - Eurobond | 0.01% | -0.00 | $823,060.07 | 710,200 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Russia | 7.50% | Baa3 | 31-Mar-2030 | 2.76 |
| Egypt Government International Bond | 0.01% | 0.00 | $801,899.92 | 750,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.59% | B2 | 21-Feb-2028 | 6.14 |
| India Government Bond | 0.01% | -0.00 | $798,320.48 | 54,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 7.17% | NR | 08-Jan-2028 | 0.00 |
| Colombia Government International Bond | 0.01% | N/A | $700,354.44 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 5.00% | Baa2 | 15-Jun-2045 | 14.96 |
| Malaysia Sukuk Global | 0.01% | N/A | $678,934.06 | 650,000 | Government | Foreign Govt & Muni (Excl Canadian) | Malaysia | 3.18% | A3 | 27-Apr-2026 | 5.69 |
| Republic of South Africa Government International Bond | 0.01% | -0.00 | $671,948.95 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.88% | Baa3 | 16-Sep-2025 | 4.81 |
| Kenya Government International Bond | 0.01% | 0.00 | $661,677.77 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kenya | 8.25% | B2 | 28-Feb-2048 | 10.91 |
| Ukraine Government International Bond | 0.01% | 0.00 | $653,432.73 | 600,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.38% | NR | 25-Sep-2032 | 7.87 |
| Ghana Government International Bond | 0.01% | -0.00 | $652,840.09 | 650,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.63% | B3 | 16-Jun-2049 | 10.33 |
| Ivory Coast Government International Bond | 0.01% | -0.32 | $647,136.90 | 600,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 6.38% | Ba3 | 03-Mar-2028 | 5.63 |
| Chile Government International Bond | 0.01% | -0.00 | $640,143.26 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Chile | 3.24% | A1 | 06-Feb-2028 | 7.03 |
| Ghana Government International Bond | 0.01% | 0.01 | $636,821.08 | 600,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 7.88% | B3 | 26-Mar-2027 | 4.93 |
| CA La Electricidad de Caracas | 0.01% | -0.03 | $634,500.00 | 12,690,000 | Corporate Securities | Utilities | Venezuela | 8.50% | NR | 10-Apr-2020 | N/A |
| Mexico Government International Bond | 0.01% | -0.00 | $629,584.35 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.55% | A3 | 21-Jan-2045 | 14.19 |
| Indonesia Government International Bond | 0.01% | -0.00 | $629,283.54 | 430,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 6.75% | Baa2 | 15-Jan-2044 | 13.43 |
| Mexico Government International Bond | 0.01% | -0.00 | $625,961.73 | 522,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.75% | A3 | 12-Oct-2110 | 19.32 |
| Turkey Government International Bond | 0.01% | 0.00 | $624,541.00 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.75% | B1 | 22-Mar-2024 | 3.67 |
| Brazil Notas do Tesouro Nacional Serie | 0.01% | 0.00 | $621,454.64 | 1,965,811 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 6.00% | NR | 15-Aug-2028 | 0.00 |
| Argentine Republic Government International Bond | 0.01% | 0.01 | $615,274.72 | 1,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 5.00% | Caa2 | 15-Jan-2027 | 4.19 |
| Southern Gas Corridor CJSC | 0.01% | 0.00 | $603,076.65 | 500,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Azerbaijan | 6.88% | Ba2 | 24-Mar-2026 | 5.11 |
| Corp Nacional del Cobre de Chile | 0.01% | -0.00 | $590,853.39 | 560,000 | Corporate Securities | Metals & Mining | Chile | 3.63% | A3 | 01-Aug-2027 | 6.52 |
| Nigeria Government International Bond | 0.01% | -0.00 | $590,566.35 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.63% | B2 | 28-Nov-2047 | 11.05 |
| Peruvian Government International Bond | 0.01% | 0.01 | $580,196.15 | 350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Peru | 8.75% | A3 | 21-Nov-2033 | 9.37 |
| Indonesia Government International Bond | 0.01% | -0.00 | $563,220.01 | 448,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 5.25% | Baa2 | 08-Jan-2047 | 15.13 |
| Indonesia Asahan Aluminium Persero PT | 0.01% | -0.00 | $555,908.07 | 500,000 | Corporate Securities | Metals & Mining | Indonesia | 5.71% | Baa2 | 15-Nov-2023 | 3.48 |
| Dominican Republic International Bond | 0.01% | -0.00 | $552,203.16 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.40% | Ba3 | 05-Jun-2049 | 13.57 |
| Petroleos Mexicanos | 0.01% | -0.10 | $546,735.11 | 490,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 7.69% | Baa3 | 23-Jan-2050 | 11.88 |
| Sri Lanka Government International Bond | 0.01% | -0.01 | $546,421.58 | 525,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 7.85% | B2 | 14-Mar-2029 | 6.34 |
| Republic of South Africa Government International Bond | 0.01% | -0.00 | $542,537.60 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.88% | Baa3 | 22-Jun-2030 | 7.87 |
| El Salvador Government International Bond | 0.01% | N/A | $540,701.49 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 5.88% | B3 | 30-Jan-2025 | 4.29 |
| Egypt Government International Bond | 0.01% | -0.00 | $534,455.45 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 5.88% | B2 | 11-Jun-2025 | 4.64 |
| Russian Foreign Bond - Eurobond | 0.01% | -0.00 | $518,828.07 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 12.75% | Baa3 | 24-Jun-2028 | 6.08 |
| Mriya Farming | 0.01% | N/A | $517,238.51 | 17,609,900 | Corporate Securities | Industrial - Other | United Kingdom | 0.00% | NR | 31-Dec-2025 | N/A |
| Turkey Government International Bond | 0.01% | -0.00 | $507,982.03 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.75% | B1 | 30-May-2040 | 10.89 |
| Power Sector Assets & Liabilities Management | 0.01% | -0.00 | $507,543.64 | 340,000 | Corporate Securities | Utilities | Philippines | 9.63% | Baa2 | 15-May-2028 | 6.26 |
| Hungary Government International Bond | 0.01% | -0.00 | $500,930.98 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Hungary | 7.63% | Baa3 | 29-Mar-2041 | 12.65 |
| Kazakhstan Government International Bond | 0.01% | -0.00 | $499,445.02 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kazakhstan | 4.88% | Baa3 | 14-Oct-2044 | 15.17 |
| Malaysia Sovereign Sukuk | 0.01% | -0.00 | $486,567.18 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Malaysia | 4.24% | A3 | 22-Apr-2045 | 16.13 |
| Indonesia Government International Bond | 0.01% | -0.00 | $476,639.65 | 350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 5.95% | Baa2 | 08-Jan-2046 | 14.41 |
| Paraguay Government International Bond | 0.01% | -0.01 | $470,114.56 | 375,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 6.10% | Ba1 | 11-Aug-2044 | 13.43 |
| Croatia Government International Bond | 0.01% | -0.00 | $469,403.17 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Croatia | 6.00% | Ba2 | 26-Jan-2024 | 3.58 |
| Republic of South Africa Government International Bond | 0.01% | -0.00 | $461,721.13 | 440,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.85% | Baa3 | 27-Sep-2027 | 6.35 |
| Corp Nacional del Cobre de Chile | 0.01% | -0.00 | $461,227.67 | 400,000 | Corporate Securities | Metals & Mining | Chile | 4.88% | A3 | 04-Nov-2044 | 14.81 |
| Empresa Nacional del Petroleo | 0.01% | -0.00 | $457,303.45 | 440,000 | Corporate Securities | Petroleum | Chile | 3.75% | Baa3 | 05-Aug-2026 | 5.73 |
| Indonesia Government International Bond | 0.01% | -0.00 | $446,357.62 | 280,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 8.50% | Baa2 | 12-Oct-2035 | 10.04 |
| KazMunayGas National Co JSC | 0.01% | -0.00 | $444,145.13 | 400,000 | Corporate Securities | Petroleum | Kazakhstan | 4.75% | Baa3 | 19-Apr-2027 | 6.15 |
| Kenya Government International Bond | 0.01% | -0.00 | $434,565.09 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kenya | 6.88% | NR | 24-Jun-2024 | 3.86 |
| Turkey Government International Bond | 0.01% | -0.00 | $434,549.92 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 7.25% | B1 | 23-Dec-2023 | 3.45 |
| Egypt Government International Bond | 0.01% | N/A | $427,525.40 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.13% | B2 | 31-Jan-2022 | 1.90 |
| Senegal Government International Bond | 0.01% | 0.00 | $411,739.11 | 400,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.75% | Ba3 | 13-Mar-2048 | 12.00 |
| Panama Government International Bond | 0.01% | -0.01 | $410,708.94 | 350,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Panama | 4.30% | Baa1 | 29-Apr-2053 | 18.09 |
| Turkey Government International Bond | 0.01% | 0.00 | $410,528.30 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.13% | B1 | 24-Oct-2028 | 6.67 |
| Uruguay Government International Bond | 0.01% | -0.01 | $405,163.66 | 340,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Uruguay | 4.98% | Baa2 | 20-Apr-2055 | 17.26 |
| India Government Bond | 0.01% | -0.00 | $397,155.21 | 26,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.83% | NR | 25-Nov-2023 | 0.00 |
| Nigeria Government International Bond | 0.01% | -0.00 | $393,710.90 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.63% | B2 | 28-Nov-2047 | 11.05 |
| Panama Government International Bond | 0.01% | -0.00 | $388,478.27 | 250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Panama | 9.38% | Baa1 | 01-Apr-2029 | 6.77 |
| Turkey Government International Bond | 0.01% | 0.00 | $388,461.42 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 3.25% | B1 | 23-Mar-2023 | 2.99 |
| CNAC HK Finbridge | 0.01% | -0.00 | $363,616.08 | 340,000 | Corporate Securities | Chemicals | China | 4.13% | NR | 19-Jul-2027 | 6.37 |
| Turkey Government International Bond | 0.01% | -0.00 | $358,664.52 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.75% | B1 | 11-May-2047 | 12.55 |
| Panama Government International Bond | 0.01% | -0.00 | $358,410.84 | 250,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Panama | 6.70% | Baa1 | 26-Jan-2036 | 10.19 |
| Turkey Government International Bond | 0.01% | 0.00 | $353,337.23 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 8.00% | B1 | 14-Feb-2034 | 8.55 |
| Nigeria Government International Bond | 0.01% | -0.00 | $343,892.76 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 8.75% | B2 | 21-Jan-2031 | 6.98 |
| Hungary Government International Bond | 0.01% | -0.00 | $343,047.65 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Hungary | 5.38% | Baa3 | 25-Mar-2024 | 3.78 |
| Dominican Republic International Bond | 0.01% | N/A | $339,168.76 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.50% | Ba3 | 15-Feb-2048 | 13.04 |
| Egypt Government International Bond | 0.01% | N/A | $331,198.53 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.20% | B2 | 01-Mar-2024 | 3.61 |
| Kenya Government International Bond | 0.01% | 0.00 | $330,838.89 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kenya | 8.25% | B2 | 28-Feb-2048 | 10.91 |
| Telefonica Celular Del Paraguay | 0.01% | N/A | $325,220.12 | 300,000 | Corporate Securities | Wireline Communications | Paraguay | 5.88% | Ba1 | 15-Apr-2027 | 5.88 |
| Kazakhstan Government International Bond | 0.01% | -0.00 | $325,006.52 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kazakhstan | 3.88% | Baa3 | 14-Oct-2024 | 4.34 |
| Equate Petrochemical BV | 0.01% | -0.00 | $323,417.62 | 300,000 | Corporate Securities | Chemicals | Kuwait | 4.25% | Baa2 | 03-Nov-2026 | 5.91 |
| Turkey Government International Bond | 0.01% | 0.00 | $303,666.82 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.63% | B1 | 17-Feb-2045 | 11.61 |
| Kazakhstan Government International Bond | 0.01% | -0.00 | $301,327.48 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kazakhstan | 6.50% | Baa3 | 21-Jul-2045 | 14.27 |
| Turkey Government International Bond | 0.01% | 0.00 | $297,784.67 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 11.88% | B1 | 15-Jan-2030 | 6.34 |
| Angolan Government International Bond | 0.01% | -0.00 | $296,603.61 | 250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Angola | 9.50% | B3 | 12-Nov-2025 | 4.55 |
| State Grid Overseas Investment 2016 | 0.01% | -0.00 | $293,132.30 | 260,000 | Corporate Securities | Utilities | China | 4.00% | A1 | 04-May-2047 | 16.85 |
| Banco Macro | 0.01% | -0.00 | $291,700.28 | 41,665,000 | Corporate Securities | Banking | Argentina | 17.50% | Caa2 | 08-May-2022 | 0.00 |
| Egypt Government International Bond | 0.00% | 0.00 | $276,003.14 | 250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.20% | B2 | 01-Mar-2024 | 3.61 |
| Dominican Republic International Bond | 0.00% | 0.00 | $275,697.29 | 250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 5.50% | Ba3 | 27-Jan-2025 | 4.34 |
| Kazakhstan Temir Zholy Finance BV | 0.00% | -0.00 | $275,684.05 | 200,000 | Corporate Securities | Railroads | Kazakhstan | 6.95% | Baa3 | 10-Jul-2042 | 12.45 |
| Colombia Government International Bond | 0.00% | -0.00 | $266,886.74 | 250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 3.88% | Baa2 | 25-Apr-2027 | 6.33 |
| Romanian Government International Bond | 0.00% | -0.00 | $265,191.95 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 6.13% | Baa3 | 22-Jan-2044 | 13.54 |
| Banco do Brasil SA/Cayman | 0.00% | N/A | $257,462.66 | 250,000 | Corporate Securities | Banking | Brazil | 6.25% | NR | 15-Oct-2168 | 12.74 |
| Kazakhstan Government International Bond | 0.00% | -0.00 | $255,584.34 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kazakhstan | 2.38% | Baa3 | 09-Nov-2028 | 8.05 |
| Export-Import Bank of India | 0.00% | -0.00 | $255,304.71 | 17,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.38% | NR | 24-Jul-2025 | 0.00 |
| Ukraine Government International Bond | 0.00% | 0.00 | $249,125.69 | 225,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2022 | 2.35 |
| KazMunayGas National Co JSC | 0.00% | -0.00 | $241,725.14 | 200,000 | Corporate Securities | Petroleum | Kazakhstan | 5.75% | Baa3 | 19-Apr-2047 | 14.51 |
| Egypt Government International Bond | 0.00% | 0.00 | $240,901.18 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 5.63% | B2 | 16-Apr-2030 | 7.44 |
| Vnesheconombank Via VEB Finance | 0.00% | -0.00 | $240,543.71 | 200,000 | Corporate Securities | Banking | Russia | 6.80% | NR | 22-Nov-2025 | 4.94 |
| Republic of Armenia International Bond | 0.00% | -0.00 | $239,000.11 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Armenia | 7.15% | Ba3 | 26-Mar-2025 | 4.38 |
| Ivory Coast Government International Bond | 0.00% | 0.00 | $238,497.85 | 200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 5.25% | Ba3 | 22-Mar-2030 | 6.92 |
| Mongolia Government International Bond | 0.00% | 0.00 | $232,968.48 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 8.75% | B3 | 09-Mar-2024 | 3.47 |
| Romanian Government International Bond | 0.00% | -0.00 | $231,426.09 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 5.13% | Baa3 | 15-Jun-2048 | 15.57 |
| Hungary Government International Bond | 0.00% | -0.00 | $227,097.94 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Hungary | 5.75% | Baa3 | 22-Nov-2023 | 3.50 |
| Georgian Railway JSC | 0.00% | -0.00 | $226,944.80 | 200,000 | Corporate Securities | Transportation | Georgia | 7.75% | NR | 11-Jul-2022 | 2.24 |
| Ghana Government International Bond | 0.00% | -0.00 | $226,439.44 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ghana | 7.88% | B3 | 07-Aug-2023 | 3.06 |
| Russian Foreign Bond - Eurobond | 0.00% | N/A | $224,461.26 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 4.75% | NR | 27-May-2026 | 5.55 |
| Ukraine Government International Bond | 0.00% | 0.00 | $224,367.25 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2026 | 5.11 |
| Ukraine Government International Bond | 0.00% | 0.00 | $224,069.65 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2024 | 3.84 |
| Ukraine Government International Bond | 0.00% | 0.00 | $222,552.28 | 201,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2022 | 2.35 |
| El Salvador Government International Bond | 0.00% | N/A | $219,319.16 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 7.12% | B3 | 20-Jan-2050 | 12.24 |
| MHP | 0.00% | N/A | $218,822.11 | 200,000 | Corporate Securities | Food/Tobacco | Ukraine | 7.75% | NR | 10-May-2024 | 3.67 |
| Turkey Government International Bond | 0.00% | 0.00 | $217,908.55 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 7.25% | B1 | 05-Mar-2038 | 9.99 |
| Indonesia Government International Bond | 0.00% | -0.00 | $216,850.45 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 3.85% | Baa2 | 18-Jul-2027 | 6.45 |
| Egypt Government International Bond | 0.00% | N/A | $211,638.93 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.05% | B2 | 15-Jan-2032 | 8.07 |
| Republic of South Africa Government International Bond | 0.00% | N/A | $210,654.03 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.88% | Baa3 | 14-Apr-2026 | 5.34 |
| Sri Lanka Government International Bond | 0.00% | -0.00 | $206,891.31 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.85% | B2 | 14-Mar-2024 | 3.54 |
| Israel Government Bond - Fixed | 0.00% | N/A | $206,745.06 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 3.75% | NR | 31-Mar-2047 | 0.00 |
| Ghana Government International Bond | 0.00% | -0.00 | $206,326.60 | 200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 7.63% | B3 | 16-May-2029 | 6.07 |
| Senegal Government International Bond | 0.00% | 0.00 | $205,866.27 | 200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.75% | Ba3 | 13-Mar-2048 | 12.00 |
| Israel Government Bond - Fixed | 0.00% | N/A | $204,627.46 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 5.50% | NR | 31-Jan-2042 | 0.00 |
| Republic of Azerbaijan International Bond | 0.00% | -0.00 | $199,413.95 | 200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Azerbaijan | 3.50% | Ba2 | 01-Sep-2032 | 9.36 |
| Republic of South Africa Government International Bond | 0.00% | -0.00 | $195,900.13 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.38% | Baa3 | 24-Jul-2044 | 12.82 |
| Romanian Government International Bond | 0.00% | -0.00 | $192,853.62 | 150,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 2.88% | Baa3 | 26-May-2028 | 7.43 |
| Republic of South Africa Government International Bond | 0.00% | -0.00 | $160,034.51 | 150,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.67% | Baa3 | 17-Jan-2024 | 3.60 |
| Bulgaria Government International Bond | 0.00% | 0.00 | $149,564.50 | 100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bulgaria | 3.13% | Baa2 | 26-Mar-2035 | 12.40 |
| Croatia Government International Bond | 0.00% | -0.00 | $132,866.52 | 100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Croatia | 2.70% | Ba2 | 15-Jun-2028 | 7.60 |
| Albania Government International Bond | 0.00% | -0.00 | $123,658.75 | 100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Albania | 3.50% | B1 | 09-Oct-2025 | 5.22 |
| Mriya Farming | 0.00% | N/A | $44,588.30 | 3,975,047 | Consumer Staples | Food Products | United Kingdom | N/A | N/A | N/A | N/A |
| Uruguay Government International Bond | 0.00% | -0.00 | $23,586.56 | 21,775 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Uruguay | 4.13% | Baa2 | 20-Nov-2045 | 15.61 |
| Venezuela Government International Bond | 0.00% | -0.00 | $19,345.83 | 7,140 | Materials | Metals & Mining | Venezuela | N/A | N/A | N/A | N/A |
| Egypt Government Bond | 0.00% | -0.00 | $1,621.16 | 24,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 14.90% | NR | 08-May-2028 | 0.00 |
| Mriya Farming | 0.00% | N/A | $1,111.80 | 83,934 | Consumer Staples | Food Products | United Kingdom | N/A | N/A | N/A | N/A |
N/A indicates Not Available.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed.
Country Diversification (31-Dec-2019)
Representative Portfolio vs Benchmark| Country Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Brazil | 12.15% | 3.24% | |
| South Africa | 6.22% | 2.22% | |
| Ukraine | 5.21% | 1.64% | |
| Israel | 2.05% | 0.00% | |
| Turkey | 7.82% | 5.83% | |
| Mexico | 12.42% | 10.46% | |
| Argentina | 4.04% | 2.14% | |
| Venezuela | 1.60% | 0.00% | |
| Bahamas | 1.58% | 0.00% | |
| Vietnam | 1.41% | 0.10% | |
| Serbia | 1.21% | 0.15% | |
| Sri Lanka | 2.27% | 1.23% | |
| Senegal | 1.24% | 0.24% | |
| Mongolia | 1.17% | 0.32% | |
| Cote d Ivoire | 1.10% | 0.30% | |
| Jamaica | 1.31% | 0.52% | |
| El Salvador | 1.23% | 0.62% | |
| Costa Rica | 1.22% | 0.63% | |
| Nigeria | 1.45% | 0.96% | |
| Ghana | 0.97% | 0.61% | |
| Ecuador | 1.91% | 1.72% | |
| Egypt | 1.93% | 1.81% | |
| Indonesia | 8.50% | 8.51% | |
| Dominican Republic | 1.03% | 1.43% | |
| Peru | 1.08% | 1.48% | |
| Colombia | 1.51% | 2.53% | |
| Oman | 1.10% | 2.16% | |
| Russia | 1.35% | 4.35% | |
| China | 2.49% | 7.53% | |
| Saudi Arabia | 0.97% | 6.49% |
A maximum of 30 largest countries by portfolio rank are displayed and shown in descending order by relative over/underweight.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Region Diversification (31-Dec-2019)
Representative Portfolio vs Benchmark| Region Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Latin America | 44.30% | 31.30% | |
| Other | 0.38% | 0.00% | |
| Emerging Europe | 17.54% | 18.32% | |
| Asia | 17.09% | 22.43% | |
| Middle East & Africa | 18.59% | 27.87% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Currency Diversification (31-Dec-2019)
Representative Portfolio vs Benchmark| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| U.S. dollar | 98.40% | 100.00% | |
| Mexican peso | 0.24% | 0.00% | |
| Canadian dollar | 0.05% | 0.00% | |
| Dollar Bloc Subtotal | 98.68% | 100.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Hungarian forint | -0.01% | 0.00% | |
| Polish zloty | -0.08% | 0.00% | |
| euro | -0.21% | 0.00% | |
| European Bloc Subtotal | -0.30% | 0.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Malaysian ringgit | 0.02% | 0.00% | |
| Singapore dollar | -0.03% | 0.00% | |
| Far East Bloc Subtotal | -0.01% | 0.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Brazilian real | 0.50% | 0.00% | |
| Indonesian rupiah | 0.50% | 0.00% | |
| Serbia dinar | 0.30% | 0.00% | |
| Russian ruble | 0.24% | 0.00% | |
| Argentinian peso | 0.04% | 0.00% | |
| Sri Lanka rupee | 0.01% | 0.00% | |
| Egyptian pound | 0.01% | 0.00% | |
| Indian rupee | 0.01% | 0.00% | |
| Israeli shekel | 0.01% | 0.00% | |
| Kenyan shilling | 0.01% | 0.00% | |
| Nigerian naira | 0.00% | 0.00% | |
| Peruvian nuevo sol | -0.00% | 0.00% | |
| Emerging Markets Bloc Subtotal | 1.63% | 0.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings information and other breakdowns (such as country and currency) are related to those of representative portfolio ("Portfolio"). The Portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of other accounts in the strategy. Please see the GIPS® Disclosure page for additional information on the composite.
The specific securities identified and described above do not represent all of the securities purchased, sold or recommended for advisory clients and no assumptions should be made that investments in the securities identified and discussed were or will be profitable.
Michael Conelius is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Conelius is lead manager of T. Rowe Price's Emerging Markets Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.